Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1887-01-12
Stauntou Speftater.
WEDNESDAY, JANUARY -, 1887.
The Wheat Supply.

The operations in wheat, including de-
liveries and foreign shipments at the lead
ing centers of trade, have not presented
anything which would warrant settled
change in affairs during the past week.
In Australia. Chill and the Argentine
States, the wheat harvest occurs in Jan
uary. They are all small exporting coun-
tries. The estimates are, that Victoria,
the principal province Of Australia, will
have an increased surplus over last year.
perhaps two millions bushels. With tht
most liberal allowance which can be made
of exports from all the countries named
the shortage in Europe cannot be changed
from the demands as they have been pre-
viously stated. 1t is well enough, however,
to be vigilantly on guard, fer this small
comfort to the ''bears," or, as they are
more properly designated now, the ''sherts, F"
will endeavor to send news of depression
abroad over the country, and thereby hope
to run into market the reserves that have
not passed forward. The steadiness of the
market, therefore, depends much on the
original holders in the Northwest and the
West. Their need of money on enc hand,
and apprehension of the future OH the other
may be sufficient to induce them TO break
their line, which was never very strong,
and yield to the situation for the time
being and to their own hurt. This, how
ever, is mere conjecture, taking the adverse
view as it comes to the front. Even
if that should come to pass, it will by no
means alter the final state of affairs, for
from the United States the only substantial
share Of relief is to be obtained, and
whether sooner or later our granaries be
emptied, the equal of sixty or more million
bushels Of wheat will measure the shortage
when the whole story is told and accounts
finally balanced.
A message has come across the Atlantic
to the dealers in wheat. 1t says that the
rules which applied when gambling reveled
In the abundance of supplies, will not now
hold good. The loss and gain account
must be squared with the genuine article
wheaton gold is not bread, nor accumu-
lated profits the need of the people. Sc ac-
cepted futures must go forward in bread
supplies and nothing else. This message
startles this class of dealers, when wheat is
selling to-day in Chicago for more than
their accepted futures put on importation
lines in April and May. There is no little
stir about this matter, and the shorts
will catch at anything, even the small COM
fort signaled from Australia, to induce
holders 10 como to their relief and save
them from their doom.
The Bankers Magazine Of January, i.
its financial and commercial review, after
stating the condition of the stocks of bread
supplies in Europe, the same as published
in the SPECTATOR of last week, adverts tC
the situation which comes in well with the
views expressed above. Referring to the
situation as it is row in New York, it says
''The export houses here have already
bought nearly double the stock at our At
lantic ports, and have sold on the othel
side for which they have taken ocear
mage offered on spot and to arrive up to the
middle of March, although the rates have
steadily advanced until they are nore thar
double those of three months age. 1t viii
thus be seen that this large amount o.
future wheat, as well as spot bought by
foreign houses, has been taken largely fo1
actual shipment, and the shorts who have
sold it to them, will have to go West
before we get through the winter to buy
back what they have sold, and bring il
forward by rail, no matter what the rail
roads may charge, nor what the price O
wheat"
No language could be more explicit, no.
more conclusive in sustaining the situation
which is fixed fact. The interest it ex
cites with those who have studied i
through all its phases increases. AS com
pared with the opening price of wheat Thu
future gives cheerful assurance to those VIII
can hold on and come upon the scene whel
the real shortage stares consumers in TIL
face with but meagre supplies of relief, ant
in that contingency the reserves Of August
county and our Valley country can play
handsome part for those who own them.